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LUNC Community Not giving Up On full Binance Support As Terra Classic Team Set To Host AMA With Binance

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With Terra Classic (LUNC) Team Set To Host AMA with Binance Team.

The Terra Classic community is not giving up on full Binance support for the 1.2% tax rate proposal on spot trading activity. 

In a tweet yesterday, LUNC Burn, an unofficial account tracking LUNA Classic (LUNC) burn activity, shared a message from the Terra Rebels discord disclosing that an ask me anything (AMA) session on YouTube had been scheduled with the Binance team for September 22, 2 days after the planned implementation of the 1.2% tax parameter change.

Demomonkey said on Discord:

“We have a huge ama that will happen here shortly…I’ve been setting it up. I won’t be hosting it. It will have people from Binance, Ed, and Vegas there. Plus, a few others from TR and I might join in as well. It will be on YouTube. @Interchainfm will be hosting it!! TIME AND DATE WILL BE “SEPT 22 @ 11 AM EST!!!” the message reveals.


Notably, the hosting YouTube channel Chjango Unchained has already scheduled the live stream with the title, “Binance: Will Binance ever open up IBC into the Interchain? $BNB $LUNC.” For the uninitiated, IBC stands for Inter Blockchain Communication. It is a protocol created by Cosmos to allow independent blockchains to transfer data or value. 

It bears mentioning that Terra Classic, as a Cosmos chain, used IBC but disabled it during the Terra USD (USTC) de-pegging in May that brought the price of LUNC crashing down as the stabilizing algorithm led to excess minting of LUNC to prevent. However, community member Max Callisto has created a proposal to re-enable the protocol on the Terra Classic chain to help reclaim lost liquidity and stimulate decentralized finance (DeFi) activity.

While the title of the AMA indicates that the session may be focused on IBC, comments under LUNC Burn’s tweet show that members of the community will be interested in quizzing the Binance team about the implementation of the 1.2% tax rate proposal on the LUNC trading.

Notably, the Terra Classic community members have expressed dissatisfaction with how the exchange plans to implement the 1.2% tax parameter change. Like, Binance revealed that the 1.2% tax rate would be applied to only deposits and withdrawals, while the community wants spot trading activity taxed as well. Consequently, Binance reveals that it will review its implementation plan.

The LUNC 1.2% tax rate burn proposal has become a major talking point for this month, rivaling other major crypto events slated for September while driving volatility in the LUNC price. On implementation, all on-chain LUNC transactions will be subject to a 1.2% tax which will be sent to the Terra burn wallet to reduce LUNC supply. 

The tax parameter change is now expected to go live on September 20. It bears mentioning that Binance hosts the largest LUNC trading activity by volume, and applying the tax rate to spot trading activities will be a big win for the community.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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